PLQEUDNPRĪOLZRĞFLSRG]LHOHQLD]DSDWU\ZDQLDDSHOXMąFHJRĪH0.QDZ\UDĨQąSURĞEĊVZRLFKNROHJyZ DQLHZREHFXMDZQLHQLD]DĞPLHFHQLDWHUHQXL]QLV]F]HĔSU]H]3.  SRPDJDáLP]ELHUDüĞPLHFLL QDSUDZLDüWDEOLFHNWyU\FKU]HNRPRQLH]QLV]F]\OL N  3RGREQLHZEUHZ]DU]XWRPDSHOXMąFHJRQLHMHVWZVWDQLHSRGZDĪ\üXVWDOHĔ6ąGX5HMRQRZHJREUDN ZL]HUXQNX0.QD]GMĊFLX]URELRQ\PQDPLHMVFX]GDU]HQLDSU]H].6ZV]F]HJyOQRĞFLĪHVDPĞZLDGHN QLHWZLHUG]LáĪHXMąáQD]GMĊFLXFDáąJUXSĊXF]HVWQLNyZSU]HGPLRWRZHJR]GDU]HQLDDZUĊF]SU]HFLZQLH ZVND]DáFK\EDZV]\VWNLFKXF]HVWQLNyZQDW\P]GMĊFLXQLHE\áR NY  $UJXPHQWHPSU]HPDZLDMąF\PSU]HFLZNRXVWDOHQLRP6ąGX5HMRQRZHJRQLHPRĪHE\üUyZQLHĪ RNROLF]QRĞüNLONXNURWQHJRSRMDZLDQLDVLĊQDG]DOHZHPVDPRFKRGXFR]GDQLHPDSHOXMąFHJRĞZLDGF]\R W\PĪH0.RSXĞFLáLPSUH]Ċ]DQLPVLĊ]DF]ĊáD3RSLHUZV]HVDPIDNWSU]\MD]GXLRGMD]GXVDPRFKRGXZ ĪDGQ\PUD]LHQLHPRĪHĞZLDGF]\üRW\PĪH]QDMGRZDáVLĊZQLPDNXUDW0.3RGUXJLHFRSRPLQąá DSHOXMąF\ZHGáXJĞZLDGND33NWyU\PLDáSU]\ZLHĨüLRGZLHĨü0.QLHGRMHĪGĪDáRQGRVDPHJR  ER E\áDWDP]áDGURJDD]DWU]\PDáVLĊRNRáRSyáNLORPHWUDRG]DOHZXSRGODVHP NY :VND]XMąFQD SRZ\ĪV]HMHGQR]QDF]QLHVWZLHUG]LüQDOHĪ\ĪHDUJXPHQWDFMDDSHOXMąFHJRLSU]HGVWDZLRQDSU]H]QLHJR ORJLND]GDU]HĔLZW\P]DNUHVLHGR]QDMHXV]F]HUENX 1LHZąWSOLZLHFK\ELRQ\PRND]DáVLĊUyZQLHĪVIRUPXáRZDQ\SU]H]DSHOXMąFHJR]DU]XWQDUXV]HQLD]DVDG\LQ GXELRSURUHRSRSU]H]UR]VWU]\JQLĊFLHZV]\VWNLFKZ\VWĊSXMąF\FKZVSUDZLHZąWSOLZRĞFLQDQLHNRU]\Ğü0 . 3RGNUHĞOLüQDOHĪ\ĪHZV\WXDFMLJG\VąGUR]SR]QDMąF\VSUDZĊG\VSRQXMHRNUHĞORQ\PLGRZRGDPLNWyUH X]QD]DZLDU\JRGQHLVWDQRZLVNRWRQLHEĊG]LHSR]RVWDZDáRZRSR]\FMLGRQRUP\DUWNSNWRQDZHW ZyZF]DVJG\]LQQHMJUXS\GRZRGyZPRĪQDE\áRE\Z\ZLHĞüZQLRVHNSU]HFLZQ\WRWDSR]\W\ZQDRFHQD GRZRGyZREFLąĪDMąF\FKSRZRGXMHĪHQLHVSRVyEPyZLüRMDNLFKNROZLHNZąWSOLZRĞFLDFKZUR]XPLHQLX DUW†NSN SRUyZQDMZ\URN6ąGX$SHODF\MQHJRZ/XEOLQLH]GQLDZU]HĞQLDUZVSUDZLHR V\JQDNW,,$.D/(;QU 1DGWR]DVDGDLQGXELRSURUHR DUW†NSN GRW\F]\ ZąWSOLZRĞFLMDNLHZWUDNFLHSRVWĊSRZDQLDPRĪHSRZ]LąüVąGRU]HNDMąF\DQLHVWURQD=DU]XW UR]VWU]\JQLĊFLDZąWSOLZRĞFLQDQLHNRU]\ĞüRVNDUĪRQHJRE\áE\]DVDGQ\JG\E\VąGRU]HNDMąF\SRZ]LąáWDNą ZąWSOLZRĞüLQLHUR]VWU]\JQąáMHMQDNRU]\Ğü0.=X]DVDGQLHQLD]DVNDUĪRQHJRZ\URNXQLHZ\QLND MHGQDNDE\6ąG,LQVWDQFMLPLDáMDNLHNROZLHNZąWSOLZRĞFLFRGRZLQ\RVNDUĪRQHJR7DNLHZąWSOLZRĞFLQLH VWDá\VLĊUyZQLHĪXG]LDáHP6ąGX2NUĊJRZHJR :EUHZ]DU]XWRPDSHOXMąFHJR]DVWU]HĪHĔQLHEXG]LUyZQLHĪRFHQDSUDZQD]DFKRZDĔRVNDUĪRQHJR0. 3U]HGHZV]\VWNLPQLHXOHJDZąWSOLZRĞFLĪHELRUąFDNW\ZQ\XG]LDá ZVSyOQLHLZSRUR]XPLHQLX Z XV]NRG]HQLXWDEOLFLQIRUPDF\MQ\FKLVWHODĪ\VáXĪąF\FKGRLFKPRFRZDQLDSRSU]H]]áDPDQLHGUHZQLDQ\FK HOHPHQWyZNRQVWUXNFMLRUD]]GHIRUPRZDQLHPHWDORZ\FKHOHPHQWyZWDEOLF0.Z\F]HUSDáW\PVDP\P ]QDPLRQDF]\QX]DUW†NN=NROHLG]LDáDMąFSXEOLF]QLHWDNĪHZVSyOQLHLZSRUR]XPLHQLX ĞSLHZDMąFWUHĞFLLZ\NU]\NXMąFKDVáDVWRODWQLHFKĪ\MHQDP$GROI+LWOHULSR]GURZLHQLHIDV]\VWRZVNLH